Bitcoin not only failed to breach the $70,000 - $71,000 price range resistance, it didn't even reach it. Just as there was a very strong rejection on the 29th of July when Bitcoin moved above 70K, this time we are seeing very strong selling right at $69,500, below 70K. Lower high confirmed.
How are you feeling today my wonderful supporter?
I hope you are having a wonderful time.
Lower highs lead to lower lows...
Bitcoin failed to challenge resistance from what we are seeing on this chart and bearish momentum, while still early, seems to be strong.
Five days of bullish action have been obliterated within hours of this Monday, and more than $200,000,000 worth of leveraged positions have been liquidated so far; while some Altcoins are going down, many others are going up. So the market is mixed just as we expected.
To be honest, there is no surprise here because this is something that we have been expecting and this is not a bad development/event. The market moves in cycles and within these cycles we have waves.
The next low is not set in stone of course this is only a prediction, the $35,720. We have more targets before this level and even after this level and this can be seen by looking at the post with the full trade-numbers (see here).
The market flush, capitulation, major correction, crash or reset, is something good because it will open the doors for new participants to join the market. It will start a new wave of excitement and it will allow for great entry prices for us to develop LONG positions with low leverage in anticipation of the new 2025 All-Time High.
All we need to do now is to wait. Traders can take comfort in the fact that there are hundreds of Altcoins that are growing now and they can enjoy these Altcoins while Bitcoin ends its corrective phase.
The good news is that the correction shouldn't last long. Maximum a few weeks. Worst case scenario a few months.
The good news is that whatever low we get, this is the final low... After we hit bottom, there is no other place left to go but up!
Make sure to follow to show your support.
Namaste.
